WASHINGTON - According to Sen. Evan Bayh (D-Ind.), Housing and Urban Development Secretary Shaun Donovan has committed to quickly implement the FHA Manufactured Housing Loan Modernization Act.
The legislation authored by Bayh is intended to help prospective homeowners secure loans and bolster the manufactured housing industry which has a strong presence in Elkhart County. Donovan was testifying before the Senate Banking, Housing and Urban Affairs Committee Friday when he made the promise.
Bayh said the loan program is important to north central Indiana, particularly Elkhart County. The changes called for in the act, though signed into law more than half a year ago, have not been made, according to Bayh.
President George W. Bush signed the law in June of 2008. Bayh raised the issue with the new administration and urged swift action to enact this program.
Bayh said his legislation will help potential homeowners and manufactured housing producers by modernizing the Federal Housing Administration Title I mortgage insurance program for manufactured homes. The bill updates the program s loan limits to reflect inflation, which will increase the size of the loans available.
According to Bayh, Title I loan limits have remained stagnant since 1992. As a result, the number of loans insured through the program has fallen from more than 30,000 loans in 1992 to fewer than 2,000 in 2004. In 2008, Indiana produced 5,846 manufactured homes and 875 were sited within the state, a significant drop since 1997, when these numbers were 37,300 and 8,900, respectively.
According to Donovan, HUD is resolving roadblocks that the previous administration did not work to remove, which has delayed proper execution of the act. Donovan estimated that the law would be implemented within 30 to 60 days.
The FHA Manufactured Housing Loan Modernization Act was introduced by Bayh and Rep. Joe Donnelly (D-2nd District) in 2007 and incorporated into the Housing and Economic Recovery Act of 2008.
I m very impressed, Bayh said of Donovan s work. I m sure the people of Elkhart would be very gratified to know the administration has moved this quickly in the face of previous inaction.
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